AT&T Acquires Leap Wireless, Takes Control of Cricket

AT&T has acquired Leap Wireless for a sum of $1.19 billion in cash today. Leap Wireless, which is also known as Cricket is a gigantic telecommunications company in the U.S., with over five million subscribers.

AT&T is buying Leap Wireless shares for $15 per share, which totals $1.19 billion. Along with Leap Wireless’ spectrum, AT&T will be taking on Cricket’s customers, brick and mortar stores and Leap’s $2.8 billion in debt. AT&T will be keeping the Cricket name as well as expanding the Cricket brand into new U.S. markets. Current Cricket customers will gain access to AT&T’s 4G network, which is one of the biggest and robust in the U.S.

The deal must still gain approval from stockholders, the Department of Justice and the FCC. We’ll keep you posted as the deal makes its paces through the approval phases.